What Do Consultants Do at McKinsey, BCG, and Bain?
Management consultants cover consulting projects involving strategy development, operational improvement, digital transformation, and merger support. This article will explain what consultants do at these top MBB consulting firms.
Posted November 15, 2024
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A management consultant at McKinsey, BCG, and Bain (MBB) and other top firms stands at the pinnacle of strategic advisory services, guiding prospective clients to enhance business performance across specific industries. They partner with Fortune 500 companies and global organizations to tackle their most complex business challenges, handling projects worth millions of dollars.
But, what does a consultant actually do day-to-day? The role blends strategic thinking with critical thinking, excellent communication, and business acumen to create on-demand solutions for clients. Consultants at MBB and other top firms help organizations spot opportunities, tackle challenges, and implement practical solutions through building relationships in client meetings, data analysis, and shared problem-solving sessions. In this guide, we’ll dig into what that means and help you decide if it’s a good fit for you.
What do Management Consultants Do?
Management consultants, unlike other kinds of consultants like HR and IT, look at the big picture to help companies work smarter and grow faster. They dig into how a company operates, find areas where things could run more smoothly or cost less, and suggest practical steps to improve. From cutting unnecessary costs to helping launch new projects, management consultants provide advice that helps businesses make better decisions and reach their goals.
Who Hires Consultants?
Large Corporations – Companies like Google, Coca-Cola, and Ford hire consultants for guidance on strategy, operations, and digital transformation. For example, a tech giant might bring in consultants to optimize supply chain processes or assess market expansion opportunities.
Government Agencies – Agencies such as the U.S. Department of Defense or the Centers for Medicare and Medicaid Services (CMS) work with consultants to streamline processes, implement new policies, or manage large-scale projects like healthcare reform or military operations.
Startups – Startups like Airbnb and Uber have hired consultants to help them scale rapidly, improve operational efficiency, or navigate regulatory landscapes as they expand into new markets. Consultants can provide expertise that startups don’t yet have internally.
Nonprofits – Nonprofits like The Bill & Melinda Gates Foundation and Oxfam use consultants to maximize impact, whether that’s by improving fundraising strategies, designing better programs, or increasing operational efficiency. Consultants help nonprofits stretch their resources and enhance outcomes.
Why Hire Consultants?
Top firms like McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company are hired by organizations worldwide because of their deep expertise, proven methods, and ability to deliver results on complex challenges. Some reasons why companies and other organizations turn to consultants include:
They provide access to expertise and resources.
MBB consultants are industry experts who bring cutting-edge knowledge and access to comprehensive data. Their insights help companies make well-informed decisions quickly, even in highly competitive or uncertain environments.
You get an objective perspective.
Executives often need an outside perspective to identify blind spots. MBB consultants approach problems with a fresh set of eyes, free from internal biases, which can help companies see issues more clearly and identify impactful solutions.
They problem-solve for complex challenges.
MBB firms are known for tackling the toughest business challenges, whether it’s developing a global expansion strategy, navigating digital transformation, or optimizing costs in a downturn. They provide tailored, high-impact solutions for complex and mission-critical projects.
You can get rapid, measurable results.
Consultants at MBB are skilled at delivering fast, effective results, which is critical for companies facing time-sensitive challenges. Their frameworks and analytical approaches drive actionable outcomes, giving clients an edge over competitors.
The Day-to-Day of a Consultant
Consulting Tasks – By Level
Partners & Principals
- Build client relationships and generate new business: Partners and principals are responsible for bringing in new projects. They connect with senior executives, presenting insights that demonstrate the firm’s expertise and potential value.
- Example: A principal builds a relationship with a retail client, presenting a recent case study on market expansion. The client decides to engage the firm to help strategize for international growth.
- Define the project scope and outcomes: Partners work closely with clients to define the project scope, budget, and objectives, often documented in a Statement of Work (SOW).
- Example: A partner meets with a healthcare client to agree on a three-month operational efficiency study, specifying deliverables like a cost analysis report and recommendations on process improvements.
Managers
- Assemble and lead project teams: Managers select and organize the consulting team, ensuring they have the necessary skills and experience to meet project goals.
- Example: For a financial services project, a manager assembles a team with a mix of senior consultants skilled in data analysis and junior consultants eager to learn, creating a balanced team setup.
- Manage project plans and communicate with clients: Managers oversee project timelines, track milestones, and update clients regularly. They address roadblocks and make adjustments as needed to ensure project success.
- Example: A manager holds weekly calls with a tech client, reviewing progress and adjusting the timeline based on feedback to keep the project on track.
Senior Consultants
- Conduct in-depth data analysis: Senior consultants are responsible for turning raw data into actionable insights. They apply analytical frameworks to test hypotheses and support findings.
- Example: A senior consultant at a consumer goods company uses customer data to identify purchasing trends and segment key customer demographics, leading to a focused marketing strategy.
- Develop initial recommendations: Senior consultants compile findings into a draft report or presentation, outlining key recommendations. Managers review these drafts to ensure they align with client goals.
- Example: After analyzing operations for a manufacturing client, a senior consultant drafts a cost-saving strategy, which is then reviewed by the manager for alignment with client priorities.
Junior Consultants and Analysts
- Gather data and conduct research: Junior consultants and analysts are primarily tasked with gathering information, whether through client interviews, data requests, or external research.
- Example: A junior consultant on a retail project gathers customer demographic data and market trends, creating a foundational dataset for the senior consultants’ analysis.
- Support analysis and prepare reports: Junior team members assist in compiling data into reports or presentations, creating visualizations, and supporting the analysis process.
- Example: An analyst at a healthcare client project prepares visual charts to showcase patient flow trends, making it easier for the team to identify efficiency improvement
All Levels
- Iterate recommendations based on feedback: Consultants at every level participate in refining recommendations based on client feedback. Senior consultants and managers ensure adjustments are effectively implemented.
- Example: After presenting initial findings, the team incorporates the client’s request for more focus on high-growth regions, tailoring their recommendations to emphasize expansion opportunities there.
- Delivering final recommendations and present to clients: The entire team contributes to the final presentation, with partners or managers leading delivery. Junior consultants ensure data accuracy, senior consultants provide analysis, and managers oversee the presentation.
- Example: The team presents a digital transformation strategy to an automotive client, with each level contributing to a polished and actionable final report that the client can implement.
Example Day in the Life
7:30 AM – Early Morning Preparation
After a quick breakfast, the consultant checks emails and prepares for the day, reviewing any updates or data sent overnight. They might refine slides or add last-minute analysis to a presentation they’ll share with the client later.
9:00 AM – Team Check-In
The consultant meets with their project team to go over progress, discuss any roadblocks, and align on tasks for the day. Team members share updates on data findings, and the manager sets goals for the next client meeting. These briefings keep everyone aligned and on schedule.
10:00 AM – Client Meeting
The consultant joins a call with the client’s management team to present findings, discuss feedback, and clarify priorities. If it’s an in-person engagement, they may be at the client’s office, presenting recommendations and answering questions. Client interactions are essential for understanding their needs and building trust.
11:30 AM – Data Analysis & Problem Solving
After the meeting, the consultant dives into data analysis, refining models or testing assumptions. They might analyze market trends, cost data, or customer feedback to find actionable insights. This deep-dive work helps support recommendations with hard data.
1:00 PM – Lunch and Quick Recharge
Lunch is often a quick bite, maybe with the project team or solo, with some time to reset and clear their head for the afternoon.
1:30 PM – Workshop with Client’s Team
The consultant leads or participates in a workshop with the client’s internal team, brainstorming solutions to specific challenges, mapping processes, or identifying implementation steps. This collaboration helps ensure that solutions are practical and align with the client’s culture and capabilities.
3:30 PM – Internal Debrief and Strategy Session
Back with the project team, the consultant goes over what was learned from the client workshop. They brainstorm strategies, prioritize tasks, and refine recommendations. Senior consultants or partners may weigh in on big-picture ideas, adding expertise and perspective.
5:00 PM – Deck Building and Preparing Deliverables
The consultant starts working on the next deliverable, like a slide deck for the following day’s presentation or a report summarizing insights. They refine the message, make data-driven recommendations, and ensure the content is visually clear and impactful.
7:00 PM – Wrap-Up and Reflection
Before finishing up, the consultant checks in with the team on progress and aligns on priorities for the following day. A quick review of any new data, a look at upcoming deadlines, and an eye on the bigger picture are all part of closing out the day.
8:00 PM – Wind Down
After a packed day, the consultant heads to the hotel/home, often mentally reviewing the day's challenges and wins. For many consultants, this time is spent recharging for another demanding, engaging day tomorrow.
Read A Day in the Life of a McKinsey Management Consultant for a more detailed breakdown.
The Different Types of Management Consulting Projects
| Type of Project | Overview | Example | Deliverable |
|---|---|---|---|
| Corporate Strategy | Corporate strategy projects help organizations make critical, high-level decisions that shape the company’s future. Consultants work on projects that involve strategic planning, market entry, diversification, and competitive positioning. | A consultant team helps a global pharmaceutical company develop a 5-year growth strategy, advising on which emerging markets to enter and identifying potential acquisition targets. | Strategic growth plan with market analysis, acquisition targets, and prioritized actions. |
| Performance Improvement and Cost Reduction | These projects focus on increasing operational efficiency, reducing costs, and improving profit margins. Consultants analyze workflows, productivity, and cost structures to find ways to optimize resources. | A consulting team works with a manufacturing company to reduce production costs by streamlining its supply chain and implementing lean manufacturing practices. | Efficiency report with process improvements, cost-saving measures, and ROI projections. |
| Mergers & Acquisitions (M&A) and Due Diligence | In M&A projects, consultants provide advice on acquisitions, mergers, and divestitures. They may conduct market research, financial due diligence, and integration planning to ensure smooth and successful transactions. | Consultants assist a retail chain in evaluating the acquisition of a smaller competitor, assessing financials, market fit, and integration challenges. | Due diligence report, including valuation, market fit analysis, and integration plan. |
| Organizational and Change Management | Organizational projects focus on improving structure, culture, and talent management within a company. Change management initiatives help organizations implement major transformations, such as restructuring or adopting new technology. | A consulting firm helps a telecommunications company restructure its organizational hierarchy, develop leadership programs, and improve communication to reduce employee turnover. | Organizational restructuring plan, talent development framework, and change management roadmap. |
| Digital Transformation and Innovation | Digital transformation projects enable companies to integrate new technologies, improve their digital capabilities, and adapt to changing technological landscapes. These projects often focus on digital strategy, data analytics, automation, or enhancing customer experience through technology. | Consultants work with a financial services company to implement a digital platform for better customer engagement, data analytics, and streamlined operations. | Digital transformation roadmap, technology implementation plan, and customer engagement metrics. |
| Market Research and Market Entry Strategy | Market research projects involve gathering and analyzing data on competitors, customer preferences, and market trends to help companies make informed decisions. Market entry strategy projects focus on guiding clients in launching products or services in new regions. | A consulting team helps a U.S.-based consumer goods company enter the European market by conducting competitor analysis, identifying target demographics, and recommending distribution channels. | Market entry strategy with competitor analysis, target demographics, and recommended distribution channels. |
| Sales and Marketing Strategy | These projects focus on optimizing a company’s approach to sales, marketing, and customer engagement. Consultants may advise on pricing, product positioning, customer segmentation, and branding to improve revenue and market share. | Consultants work with an e-commerce company to improve its customer acquisition strategy by refining brand messaging, identifying new customer segments, and optimizing pricing. | Sales and marketing strategy document, including target segments, messaging, pricing strategy, and KPIs. |
| Risk Management and Compliance | Risk management projects help companies identify, assess, and mitigate risks, including regulatory, financial, and operational risks. Compliance projects ensure that organizations meet industry standards and government regulations. | A consulting firm assists a bank in strengthening its risk management framework to better navigate regulatory requirements, cybersecurity threats, and credit risks. | Risk assessment report with mitigation strategies, compliance checklists, and updated risk management framework. |
| Sustainability and Corporate Social Responsibility (CSR) | Sustainability projects help organizations implement environmentally-friendly practices and align with CSR goals. Consultants develop strategies to improve energy efficiency, reduce carbon footprint, and create long-term sustainable practices. | A consulting team works with a large retailer to reduce its carbon emissions by optimizing | Sustainability strategy, carbon footprint reduction plan, and CSR impact metrics. |
A Note on Advisory vs. Implementation
Typically, the above consulting projects can generally be divided into two types: advisory and implementation.
- Advisory Projects: These focus on providing strategic guidance, analysis, and recommendations. Consultants in advisory roles analyze data, assess options, and propose actions but are not directly involved in executing the changes. Deliverables for advisory projects might include strategic plans, reports, or frameworks designed to guide the client’s next steps.
- Implementation Projects: In these projects, consultants take a hands-on role in executing their recommendations. They work closely with the client’s teams to implement solutions, monitor progress, and ensure that the intended results are achieved. Implementation deliverables may include completed project rollouts, system integrations, or the establishment of new processes.
Some consulting firms specialize in one of these approaches, while others offer a blend, starting with advisory services and then supporting the client through implementation if needed.
Key Differences Across Consulting Firms
The day-to-day tasks and project focus for consultants can vary significantly based on the consulting firm’s specialization, culture, and client base. Here are some key differences across firm types:
Top-Tier Strategy Firms (e.g., McKinsey, BCG, Bain)
Known as MBB, these firms primarily focus on high-level strategy projects, advising clients on critical issues like market entry, corporate restructuring, and mergers & acquisitions. Consultants at these firms spend much of their time analyzing data, crafting presentations, and providing strategic recommendations. MBB consultants are typically involved more in advisory than implementation, though some projects may extend to implementation support.
Boutique Firms
Boutique firms specialize in specific industries (e.g., healthcare, finance) or functions (e.g., marketing, human resources). Consultants at these firms often have deep expertise in niche areas and work on highly specialized projects. For example, a boutique firm specializing in healthcare may advise hospitals on operational efficiency and regulatory compliance. Boutique firm consultants are frequently involved in implementation due to their specialized knowledge and hands-on approach.
Big Four Firms (e.g., Deloitte, PwC, EY, KPMG)
While the Big Four started as accounting firms, they now provide a wide range of consulting services, often blending advisory and implementation. Their projects range from strategy and operations to IT and digital transformation. Consultants at these firms work across multiple service areas and often focus on implementation-heavy projects, working closely with client teams to execute solutions, roll out new systems, or ensure regulatory compliance.
Digital and Technology-Focused Firms (e.g., Accenture, Capgemini)
These firms specialize in technology consulting, digital transformation, and IT implementation. Their consultants typically work on projects that involve integrating new technologies, optimizing digital processes, or managing large-scale technology rollouts. Consultants in tech-focused firms spend much of their time on implementation, as these projects require hands-on work in systems development, testing, and troubleshooting.
These differences influence the nature of consulting work, from strategy-heavy advisory roles in top-tier firms to hands-on implementation work in technology-driven and Big Four firms. As a result, aspiring consultants may choose firms that align with their interests in strategic analysis versus practical execution.
Is Consulting Right for You?
Deciding if a consulting career is the right fit requires a realistic look at the demands, rewards, and skills needed for success. Consulting can be a highly rewarding path, offering diverse experiences, fast-paced learning, and significant career growth opportunities. However, it also comes with long hours, frequent travel, and high expectations for performance. Here are some key factors and self-assessment questions to help you determine if consulting might be right for you.
1. What are my strengths/skills?
If consulting is right for you, some of the skills that you’ll need to have include:
- Analytical Problem-Solving: Consulting projects often revolve around solving complex business problems. Do you enjoy breaking down large problems into manageable parts and using data to guide your decisions? Consultants frequently use analytical tools and frameworks to assess issues and propose actionable solutions.
- Communication and Presentation Skills: Consultants spend significant time preparing and presenting insights to clients. Are you comfortable explaining complex ideas in simple terms, building narratives, and handling tough questions? Strong communication skills are essential, as you’ll need to convey ideas clearly to executives and team members alike.
- Adaptability and Quick Learning: Each consulting project may involve a new industry, function, or client challenge. Are you a quick learner who enjoys constant learning and thrives in changing environments? Adaptability is critical, as consultants often jump into new projects with limited time to get up to speed.
2. Do my priorities align with the lifestyle and time commitment?
Consulting demands significant time, often requiring 60-80 hours a week, especially during critical project phases or approaching deadlines. This intense work pace and high-energy environment are key parts of the job. If you’re considering consulting, it’s essential to think about whether you’re ready for the long hours and high expectations that come with it.
Travel is another major factor. Consultants often work on-site with clients, which means weekly or monthly travel may be part of the routine. Some find this exciting, while others may see it as a disruption to their personal routines. Understanding how frequent travel might impact your work-life balance is crucial. Also, consulting is a highly collaborative field, with most work done in project teams. However, consultants are also expected to handle tasks independently, especially in junior roles, where they’re trusted to execute assignments with minimal supervision.
3. Does it make sense with my long-term goals?
Consulting is an excellent path if you’re looking for exposure to multiple industries and functions, especially if you’re still exploring career directions. This broad experience can be valuable for anyone seeking a diverse skill set or looking to understand different fields better. Consulting also provides rapid skill development in areas like problem-solving, project management, and client interaction. If you’re seeking an accelerated learning environment, consulting can offer significant professional growth and equip you with a strong foundation. Common exit routes for consultants include transitioning to high-level roles in industry, moving on to entrepreneurship, pursuing an MBA after a few years in consulting, or pivoting into private equity, among others.
4. Am I interested in client-facing work?
Consulting is inherently client-focused, with consultants frequently working under high expectations to deliver value and solve complex issues for clients. This work requires a comfort level with high-stakes environments, clear deliverables, and relationship management. If you’re drawn to a role that requires handling client expectations and delivering under pressure, consulting may be a good fit. Many consultants are motivated by the impact they can make, helping companies grow, solve critical problems, and achieve strategic objectives. If making a difference, even if indirectly through advising, appeals to you, consulting could provide a fulfilling and impactful career.
5. Bonus: Do a test run.
One of the best ways to decide if consulting is right for you is to try it firsthand. Consulting internships, typically offered in the summer, provide a taste of the consulting lifestyle, work demands, and culture. For undergraduates and MBA students, these internships can be valuable experiences to assess fit. Additionally, practicing case interviews – used in the hiring process for consultants – actually offer a realistic preview of the structured, analytical work consultants do. Doing these cases will give you a sense of how you feel about problem-solving in a data-driven environment. Networking with current consultants is also a helpful approach. Speaking with consultants across different firms and roles can provide insights into the day-to-day realities, firm culture, and the unique pros and cons of consulting. These conversations can offer you a nuanced perspective that is essential for making an informed decision.
Read: How to Network for Consulting
The Bottom Line
Management consulting at top firms like McKinsey, BCG, and Bain means working on high-stakes projects that help companies solve critical business challenges. Consultants in these roles tackle a range of tasks, from strategic planning and operational improvements to digital transformation and M&A support, with clients spanning Fortune 500 companies to startups. The work is demanding—requiring long hours, frequent travel, and adaptability across diverse industries and functions.
Success in consulting depends on strong problem-solving, communication, and client management skills, along with an ability to deliver insights and recommendations under pressure. Different consulting firms emphasize varied approaches, with MBB focusing on strategy, while Big Four and tech consulting firms lean more toward implementation.
Consulting is a powerful launchpad for career growth and skill development. If you thrive in fast-paced environments and want a high-impact career, consulting may be a fit. Consider testing the waters through an internship or informational interview to see if the demands and rewards of consulting align with your goals.
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What do Consultants Do – FAQs
What exactly does a consultant do?
- Consultants analyze business challenges, provide expert advice, and recommend solutions to improve a company’s performance, streamline operations, or solve specific issues.
What are the roles of a consultant?
- The roles of a consultant vary but typically include project management, data analysis, strategic planning, problem-solving, and client relationship management. Consultants may work in advisory or implementation roles depending on the project and firm.
Do consultants make a lot of money?
- Yes, consultants often earn high salaries, especially at top firms. Compensation can vary widely based on experience, firm type, and specialization, with entry-level consultants earning competitive starting salaries and senior consultants earning substantial bonuses. See more here.
What do IT consultants do?
- IT consultants advise companies on how to optimize technology and IT systems to meet business goals. This may include implementing new software, improving cybersecurity, or creating IT infrastructure strategies.
What do environmental consultants do?
- Environmental consultants help organizations comply with environmental regulations, assess ecological impacts, and develop sustainable practices. They often conduct site assessments, advise on waste management, and work on conservation projects.
What do tech consultants do?
- Tech consultants assist companies in implementing and managing technology solutions. They may work on projects related to digital transformation, cloud computing, software development, or IT optimization to enhance business operations and efficiency.
